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A small estimated euro area model with rational expectations and nominal rigidities
Coenen, Günter; Wieland, Volker - 2003
In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor...
Persistent link: https://www.econbiz.de/10009765350
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Transcending the New Macroeconomic Orthodoxy in the Eurozone : A Post-Keynesian View
Kotarski, Kristijan - 2017
The main aim of this paper is to empirically test the endogenous money hypothesis for the Eurozone. Based on data on … structural VAR model. The empirical results confirm our main hypothesis on the endogeneity of money in the Eurozone as they show … in case of Eurozone and that the direction of influence goes from loans to deposits and from real sector of the economy …
Persistent link: https://www.econbiz.de/10012965084
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Inflation Targeting and Output Growth : Empirical Evidence for the European Union
Apergis, Nicholas - 2008
This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...
Persistent link: https://www.econbiz.de/10012774248
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Understanding Post-Pandemic Inflation Dynamics with a Behavioral Macroeconomic Model of the Canadian Economy
Grazzini, Jakob; Hommes, Cars H.; Poledna, Sebastian; … - 2023
This paper analyses the post-pandemic inflation dynamics in Canada using a behavioral macroeconomic model of the Bank of Canada. Two crucial behavioral assumptions in line with empirical evidence characterize the model: firms make price-quantity decisions according to a simple heuristic rule and...
Persistent link: https://www.econbiz.de/10014256410
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Inflation Persistence in Structural Macroeconomic Models (Rg10)
Berben, Robert-Paul; Mestre, Ricardo; Mitrakos, Theodore; … - 2021
This paper analyses the response of inflation in the euro area to five macroeconomic shocks through the use of results derived from Eurosystem large-scale macroeconomic models. The main finding is that only a fiscal shock, and to a lesser extent a TFP shock, generate marked inflation...
Persistent link: https://www.econbiz.de/10013318335
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Monetary policy rules and oil price shocks
Kamps, Christophe; Pierdzioch, Christian - 2002
This paper studies the relative performance of alternative monetary policy rules in the presence of oil price shocks in a small open economy optimizing model. Our analysis shows that it is important to distinguish between alternative price indices (CPI, core CPI, and GDP deflator) when modeling...
Persistent link: https://www.econbiz.de/10011474645
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Monetary Policy Rules and Oil Price Shocks
Kamps, Christophe; Pierdzioch, Christian - 2005
This paper studies the relative performance of alternative monetary policy rules in the presence of oil price shocks in a small open economy optimizing model. Our analysis shows that it is important to distinguish between alternative price indices (CPI, core CPI, and GDP deflator) when modeling...
Persistent link: https://www.econbiz.de/10014064009
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Monetary and Macroprudential Policy and Welfare in An Estimated Four-Agent New Keynesian Model
Bratsiotis, George J.; Pathirage, Kasun D - 2023
We examine the social and agent-specific welfare effects of monetary and macroprudential policy in a four-agent estimated macroeconomic model, consisting of ''banked simple house- holds', underbanked simple households', 'firm owners', and 'bank owners'. Optimal capital requirement and loan loss...
Persistent link: https://www.econbiz.de/10014348688
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Inflation Dynamics and International Linkages : A Model of the United States, the Euro Area and Japan
Coenen, Günter; Wieland, Volker - 2021
In this paper we estimate a small macroeconometric model of the United States, the euro area and Japan with rational expectations and nominal rigidities due to staggered contracts. Comparing three popular contracting specifications we find that euro area and Japanese inflation dynamics are best...
Persistent link: https://www.econbiz.de/10013320199
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A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities
Coenen, Günter; Wieland, Volker - 2021
In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor...
Persistent link: https://www.econbiz.de/10013320311